Egypt is first in Africa in remittances from workers abroad, recording $23.7 billion within 10 months of 2024.

Egypt is first in Africa in remittances from workers abroad, recording .7 billion within 10 months of 2024.

The Business Africa platform revealed today, Saturday, that Egypt topped the African countries with the highest remittances from workers abroad during the year 2024.

Remittances from Egyptians working abroad increased by 45.3 percent on an annual basis, during The first ten months of 2024, recording $23.7 billion (according to the Central Bank of Egypt), and remittances from Egyptians working abroad recorded successive jumps since March. 2024.

Business Africa statistics, which were based on World Bank reports, showed that last year, Africa received $100 billion in financial transfers from abroad, equivalent to about 6% of its gross domestic product.

She pointed out that the flow of funds from official development assistance to Africa exceeded ($42 billion) and foreign direct investment ($48 billion), which highlights the significant impact of remittances on the economic landscape in Africa.

The statistics showed that the three largest African countries receiving remittances from expatriates abroad in 2024 are: Egypt, Nigeria, and Morocco, indicating that Nigeria received remittances worth $19.8 billion, followed by Morocco, $12 billion.< /p>

The Business Africa platform expected that the disparity between remittances and foreign direct investment would expand further this year, as remittances increased steadily and rose by 57%.

The data stated that expatriate remittances are one of the important resources for African economies and local communities, drive social and economic development and serve as an important source of external financing.

It added that nearly 25 countries around the world It relies heavily on remittances, which represent more than 10% of its GDP.